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Last July, ISVAP, the supervisory authority for insurance companies, enacted provisions on the use of derivatives by insurance companies which will enter into force as of October 1 1996. Any financial instrument the price of which is related to the value of one or more activities or indices is considered a derivative product irrespective of the way it is described.

This Act amends the Competition Act 1991, taking effect from July 1996. Its aim is to substantially reinforce adherence to competition laws in Ireland by making it an offence for any undertaking to be party to any agreement, decision or concerted practice which is anti-competitive or to abuse a dominant position. Undertakings, their directors, any shadow directors and officers may be prosecuted by the Competition Authority. Fines of up to I£3 million (US$4.5 million) or 10% of turnover may be imposed on conviction.

Mark Daley of Berwin Leighton, London and Francesco Seassaro of Carnelutti, London reports on legislation which may mean the demise of a convenient cross-border borrowing structure

International firms are continuing to formalize their operations in the Italian market. Minnesota-based firm Oppenheimer Wolff & Donnelly has formed an association with Italian firm, Pisano De Vito Maiano & Catucci. Pisano has offices in both Rome and Milan.

Dr Berthold Kusserow and Dr Eva Reudelhuber of Oppenhoff & Rädler, Frankfurt, describe the impact that implementation of the Investment Services Directive (ISD) will have on investment services firms in Germany

Consortium of developers

In the first of two articles on independent power projects in Asia, Tim Soutar and Judith Hanson of Clifford Chance, Hong Kong, consider the importance of the role played by government

The US$4.3 billion debt owed by the former Yugoslavia has been partially apportioned to Slovenia and Croatia. Croatia has issued US$1.46 billion and Slovenia US$812 million in bonds in exchange for their share of the debt.

Dr Franco Riolo, general manager of the legal and tax department at Banca Commerciale Italiana, talks to Diana Bentley

Philip Wood of Allen & Overy, London, foresees a legal revolution, cutting the divides and confusions between legal systems, and argues that lawyers should do more to promote reform